Meadowbank: Waterside living without the eastern suburbs price tag

Forget the coveted beachside locations in Sydney’s eastern suburbs. With soaring land values, and a surging demand for apartments with up-to-the-minute amenities, Meadowbank and the wider Parramatta River region offer the spirit of an urban waterfront lifestyle without the hefty price tag.

Joanne Sultani, co-owner of the riverside Cedrus Lebanese Restaurant, says improved infrastructure and amenities have changed the look of the neighbourhood’s landscape for the better, and that the area is “blossoming”.

“When we bought the restaurant six years ago it was because my husband [Marcus, 41] had a gut feeling about Meadowbank,” Sultani says.

“There is so much opportunity along this river. Everything here is within walking distance. A lot of locals love to eat out and they walk along the river to our restaurant, which makes for a great lifestyle.”

Sultani points out that the options of a 20-minute drive, a ferry or a train ride into the city makes commuting a breeze, and the local demographic is skewed towards young professionals and families, which is reflected in their customer base.

“We specialise in Lebanese banquets and we have a lot of local families having get-togethers. It’s a lovely community,” she says.

Locals can catch a ferry into the CBD. Photo: Dallas Kilponen

“I love to take the children [Ali, six, and Ayah, three] for walks along the river, the train station is nearby and Anderson Park is right across the street from the restaurant. I love the area so much that I put my son into Meadowbank Public School up the road.”

A neighbourhood of amenities

Graphic designer Alison Weirick has lived in Meadowbank for the past 10 years and loves the lifestyle the revitalised waterfront has given her. Previously once sleepy and commercial, Weirick says the affordable waterfront suburb has come into its own.

“I’ve seen the area grow and change from streets full of industrial warehouses to being much more of a residential zone,” she says.

Shepherds Bay comprises 10 different quarters. Photo: Supplied

“The rejuvenation of the river has been great. There is a bike path that goes all the way to Parramatta and there are netball courts, a dog park and soccer fields, too.”

Weirick says living in Meadowbank means her husband, who works in the CBD, has easy access to public transportation and she considers the new ferry wharf – established in 2016 – to be a boon for the neighbourhood.

In addition to the lush landscaped surrounds, Weirick has noticed an abundance of new cafes and shops opening up in and around large swathes of green space, offering residents a range of recreational options.

The new development offers waterside living at an affordable price. Photo: Supplied

“Life in Meadowbank is pretty low-key but we now have access to some really great cafes and restaurants. The burgers at the new Bowden St Café are amazing. It’s run by a Korean crew and so there are some interesting flavours on the menu,” she says.

Crunching the numbers

Domain data scientist Nicola Powell says Sydney’s extraordinary price growth has also swept through Meadowbank, with the annual growth for units in the area in 2017 at 3.9 per cent.

The suburb’s median unit price in 2012 was $437,500, growing to $645,000 by the end of 2017, which makes for a five-year growth of 47.4 per cent.

The apartments were designed to take in panoramic view of the river. Photo: Supplied

“The median unit price is at the lower end of the spectrum for anyone looking to gain market access to the upper north shore,” Powell says. “A suburb that also combines waterside living is the ultimate dream for any Sydneysider.”

Meadowbank on the map

A new master-planned community in Meadowbank is providing buyers with the opportunity to purchase a slice of waterside living for a more affordable price than other waterfront locations in Sydney. Shepherds Bay comprises 10 different quarters, including Harvard, which will be ready to occupy in May 2018.

David Milton, managing director of CBRE’s residential projects business, says Shepherds Bay buyers are finding the development of the entire area appealing.

“Most of the buyers thus far have been buyers who want a waterfront lifestyle at an affordable price. And with waterfront locations so hard to come by in Sydney, it’s no wonder,” he says.

River’s revival key to unlocking area’s potential

Milton says the vistas afforded by the community’s conservation of open space is key to the Shepherds Bay experience.

Milton describes the apartments, located on the banks of the Parramatta River, as contemporary and spacious, “with about 10 per cent more floor space than what’s on offer in comparable developments”.

The apartments were designed in collaboration with architects Robertson & Marks and Turner & Associates to take in panoramic views of the river and surrounding parklands. Prospective buyers can see them firsthand by inspecting the completed display apartment onsite at Shepherds Bay.